Star Bulk Carriers Corp. · NASDAQ:SBLK
Star Bulk Carriers — Q2 2023 Earnings Presentation
13 slides from Star Bulk Carriers's earnings presentation, Aug 4, 2023
Slide 1: Financial Results Q2 2023
FINANCIAL RESULTS Q2 2023 AUGUST 2023
Slide 2: Forward-Looking Statements
Forward-Looking Statements Except for the historical information contained herein, this presentation contains among other things, certain forward-looking statements that involve risks and uncertainties. Such statements may include, without limitation, statements with respect to the Company’s plans,
Slide 3: Q2 2023 Company Highlights
Q2 2023 Company Highlights Q2 Financial highlights Q2 Daily Figures • Net Income of $44 million and Adjusted Net Income(1) of $49 million, or $0.47 per basic share TCE per vessel(3) $15,835 • Adjusted EBITDA(2) of $96 million Avg. daily OPEX per vessel(4) $4,772 • Declared dividend of $0.40 per shar
Slide 4: Cash walk Q2 2023
Cash walk Q2 2023 Q2 2023 Cash Flow Bridge (USD million) $500.0 $30.0 ($74.1 ) $450.0 $87.4 $400.0 ($47.6 ) $96.9 ($36.1 ) $350.0 ($6.1 ) ($3.6 ) $8.6 $310.1 $301.5 $300.0 $254.6 $250.0 $200.0 $150.0 $100.0 $50.0 $0.0 Adjusted Cash Cash from Cash proceeds New Debt Sold Vessels Scheduled Dividend Rep
Slide 5: Continued Improvement of Balance Sheet
Continued Improvement of Balance Sheet Balance Sheet Snapshot Healthy cash and competitive financing • $64 million of positive trade working capital and MtM • Proforma total cash (1) of ~$457 million of derivatives of $18 million as of June 30th, 2023 • Total debt and lease obligations(1) of $1,182
Slide 6: Continued Operational Excellence
Continued Operational Excellence We operate a fleet with one of the lowest average daily OPEX among our peers without compromising quality • For Q2 2023 vessel OPEX(1) were $4,772 per vessel per day • Net cash G&A(2) expenses per vessel per day were $1,051 for Q2 2023 • We are consistently in the to
Slide 7: Scaled Fleet with Significant Operating Leverage
Scaled Fleet with Significant Operating Leverage Fleet Snapshot Fleet Breakdown(1) (by DWT) Leverage to market strength and fuel spreads 40 vessels • Largest dry bulk fleet among U.S. and European 34 vessels listed peers with 127 vessels, on a fully Newcastlemax delivered(1) basis and upon the deliv
Slide 8: Leading in the industry's ESG efforts
Leading in the industry’s ESG efforts Star Bulk remains committed to transparent reporting. For the first time, we have completed the measurement of the company’s Scope 3 emissions*, which will be reported publicly in our upcoming ESG Report. We have submitted Star Bulk’s questionnaire for the compa
Slide 9: Dry Bulk Supply Update
Dry Bulk Supply Update o Dry bulk NET fleet growth running at +2.9% during the last 12 months Dry Bulk Fleet Growth • Jan-June 2023 deliveries: 18.6 mil. dwt / Up from 16.1 mil. dwt • Jan-June 2023 demolition: 2.6 mil. dwt / Up from 1.9 mil. dwt o Orderbook close to historical low of ~7.4% of the fl
Slide 10: Dry Bulk Demand Update
Dry Bulk Demand Update Dry Bulk Trade o Dry bulk trade in 2023, projected to expand +2.7% in tons and +3.3% ton-miles. 2018 2019 2020 2021 2022 2023 (f) 2024 (f) (Million tons) • First half 2023 dry bulk trade volumes increased more than 3% , supported by record coal and minor bulk exports and a rec
Slide 11: Appendix
APPENDIX STAR BULK 11
Slide 12: Q3 2023 Fleet Coverage
Q3 2023 Fleet Coverage Fleet coverage for Q3 2023 Vessel Segment Coverage • Fleet wide coverage for Q3 2023 of 51% at a TCE of Newcastlemax/Capesize 40 vessels $14,650/day (1) • Flexible chartering policy diversified across vessel segments 46% $20,100/day 54% Fixed days % Vessel Segment Coverage P
Slide 13: Thank You
THANK YOU Contacts Company: Simos Spyrou, Christos Begleris Co ‐ Chief Financial Officers Star Bulk Carriers Corp. c/o Star Bulk Management Inc. 40 Ag. Konstantinou Av. Maroussi 15124 Athens, Greece Tel. +30 (210) 617-8400 Email: info@starbulk.com www.starbulk.com Investor Relations / Financial Medi